1. Emerging Markets Bond Fund

    Emerging Markets Bond Fund

  2. This fund is closing on 22 April 2024

    In the letter of 22 January 2024 to shareholders, we noted the expected closure date of Emerging Markets Bond Fund as being 22 April 2024.  We now confirm 22 April 2024 as the closure date.  More detail on the closure of the Fund can be found in the letter to shareholders.


    The Fund aims to outperform (after deduction of costs) the J.P. Morgan GBI-EM Global Diversified Index unhedged in sterling by 0.6% per annum over rolling three-year periods. There is no guarantee that this objective will be achieved over any time period and actual investment returns may differ from this objective, particularly over shorter time periods.

    The manager believes this is an appropriate benchmark given the investment policy of the Fund and the approach taken by the manager when investing. In addition, the manager believes an appropriate performance comparison for this Fund is the Investment Association Global Emerging Markets - Local Currency Sector .

    Our long experience of investing in emerging markets through Baillie Gifford’s history led us to establish our dedicated Emerging Markets Bond Fund in 2008.

    Performance & Portfolio

    Periodic Performance

    All figures to 31/03/2024

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Inc 2.9%4.1%2.9%1.7%
    Index* 2.2%2.7%1.3%0.8%
    Target Benchmark** 2.5%3.3%1.9%1.4%
    Sector Average*** 3.2%3.3%2.5%1.5%
    Sector Ranking 20/3416/3415/349/30

    Figures for 3 and 5 years are shown as the annualised rate of return. This is the average yearly return over the specified period.

    Annual Discrete Performance to 31 March each year

    Annual percentage return (Updated Quarterly)






    Class B-Inc -5.7%6.0%-0.3%4.9%4.1%
    Index* -1.8%1.6%-4.2%5.7%2.7%
    Target Benchmark** -1.2%2.2%-3.6%6.4%3.3%
    Sector Average*** -4.3%4.4%-2.0%6.2%3.3%

    Please bear in mind that past performance is not a guide to future performance.
    The value of your investment may go down as well as up, and you may not get back the amount you invested

    Source: FE, Revolution JP Morgan. Total return net of charges, in sterling.
    Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
    *JPM GBI-EM Global Diversified Index unhedged in sterling.
    **J.P. Morgan GBI-EM Global Diversified Index (unhedged in sterling) per annum over rolling three-year periods.
    ***IA Global Emerging Markets Bonds Sector – Local Currency.

    Top Ten Physical Bond Holdings* - 31/03/2024

    Fund %
    1 Colombia 7% 26/03/2031 10.8%
    2 Brazil 10% 01/01/2027 8.5%
    3 Mexico 7.75% 23/11/2034 7.4%
    4 Indonesia 8.375% 15/04/2039 5.9%
    5 Mexico 8.5% 31/05/2029 5.7%
    6 Hungary 4.5% 23/03/2028 5.7%
    7 Malaysia 3.906% 15/07/2026 5.7%
    8 Czech Republic 0.25% 10/02/2027 4.1%
    9 Poland 6% 25/10/2033 4.0%
    10 South Africa 6.5% 28/02/41 3.8%
    Total 61.5%

    Fund %

    • 1 Mexico 13.06
    • 2 Colombia 10.80
    • 3 Indonesia 9.68
    • 4 Malaysia 9.40
    • 5 South Africa 8.69
    • 6 Brazil 8.52
    • 7 Hungary 5.70
    • 8 Thailand 4.82
    • 9 Czech Republic 4.07
    • 10 Poland 4.02
    • 11 Romania 2.59
    • 12 International 2.21
    • 13 Chile 2.15
    • 14 Peru 2.03
    • 15 Others 8.16
    • 16 Cash & Derivatives 4.09
    • Total 100.00

    As the Fund invests in overseas securities, changes in the rates of exchange may cause the value of your investment (and any income it may pay) to go down or up.
    The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. All holdings information is unaudited. Source Baillie Gifford & Co.
    Please note that totals may not add due to rounding.


    No insights available.

    Meet the Managers

    Sally Greig

    Sally joined Baillie Gifford in 2005 and is an Investment Manager in the Emerging Market Debt Team. Prior to joining Baillie Gifford, she worked at the Bank of England from 2001 as an economist in the Foreign Exchange Division and provided regular analysis to the Monetary Policy Committee. Sally graduated MA in Economics and Statistics from the University of Edinburgh in 1998 and MSc in Finance and Econometrics from the University of York in 2003.

    Yannis Lykouris

    Yannis joined Baillie Gifford in June 2011 and is an Investment Manager in the Emerging Markets Debt Team. He previously completed a summer internship at Goldman Sachs Asset Management in 2010. Yannis is a CFA Charterholder. He graduated BSc (Hons) in Accounting & Finance from the Athens University of Economics & Business in 2008 and MSc in Financial Economics from the University of Oxford in 2010.

    How to Invest

    You can invest in a range of our funds via a number of fund platforms, please see the links opposite. Information on the range of funds available through platforms can be found in our Platform Matrix.

    Please note that we do not have the facility for you to invest directly with us in our Investment Trusts and we do not offer ISAs, SIPPS or Share Plans.

    Please also note that we do not have an online service for individual investors.

    Further information on our funds can be found in the relevant Key Investor Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request.

    Baillie Gifford does not sponsor, maintain or have any control over the content of any other websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.

    How to Invest

    Getting Financial Advice

    At Baillie Gifford we don’t provide financial advice, but we do try our best to provide you with all the information we think you might need to make investment decisions. Of course, we realise there are occasions when you may want the advice of an expert.

    Using professional financial advice

    An authorised intermediary can give you advice and help on how best to manage your financial affairs based on your circumstances and investment aspirations. They can also help keep track of all your different investment interests, saving you a lot of time and bookkeeping.

    Finding a financial adviser near you

    If you want to use an authorised intermediary, MyLocalAdviser is a website that allows you to search for authorised intermediaries in your area. You can visit their site on www.mylocaladviser.co.uk


    You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available).

    To download any document you will need Adobe Reader. Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.


    General Investment Risk

    Investment markets can go down as well as up and market conditions can change rapidly. The value of an investment in the Fund, and any income from it, can fall as well as rise and investors may not get back the amount invested.


    Custody of assets, particularly in emerging markets, involves a risk of loss if a custodian becomes insolvent or breaches duties of care.

    Bonds & Inflation

    Bonds issued by companies and governments may be adversely affected by changes in interest rates, expectations of inflation and a decline in the creditworthiness of the bond issuer. The issuers of bonds in which the Fund invests, particularly in emerging markets, may not be able to pay the bond income as promised or could fail to repay the capital amount.

    Emerging Markets

    The Fund invests in emerging markets where difficulties in trading could arise, resulting in a negative impact on the value of your investment. The Fund’s investment in frontier markets may increase this risk.

    Foreign Currency

    The Fund has exposure to foreign currencies and changes in the rates of exchange will cause the value of any investment, and income from it, to fall as well as rise and you may not get back the amount invested.


    The Fund’s share price can be volatile due to movements in the prices of the underlying holdings and the basis on which the Fund is priced.


    Derivatives may be used to obtain, increase or reduce exposure to assets and may result in the Fund being leveraged. This may result in greater movements (down or up) in the price of shares in the Fund. It is not our intention that the use of derivatives will significantly alter the overall risk profile of the Fund.

    Fees to capital

    From 1 October 2019 the Fund’s expenses will be taken from the Fund’s capital. This will reduce the capital value of the Fund. The figure for the current financial period has not yet been determined.


    A dilution adjustment may apply when you buy or sell shares in the Fund. This is applied to the share price and may reduce the return on your investment.

    Tax Rates

    Tax rates and the tax treatment of OEICs can change at any time.